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Rickenbacker 4003

Picture from the web:
4003CONTROLS.gif

3 pos. switch: UP-neck PU, MID-both PU's, DOWN-bridge PU
 
Yup, the knobs are in order to relate to the pups they control. The two foward facing ones are the tone and volume for the neck pup which is your bassier tone pup and the rear facing are your tone and volume for the pup closest to the bridge which gives you more treble sound. Your selector switch is middle for both pups, down for treble only and up for neck only.

Easy peezy.

Sepp